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Lenders Mortgage Insurance (LMI) Explained for Australians
What is Lenders Mortgage Insurance (LMI)? Lenders Mortgage Insurance (LMI) is a form of insurance that protects the lender in case the borrower defaults on their home loan. It is typically required when the borrower is unable to provide a sufficient deposit, usually less than 20% of the property’s value, thereby increasing the lender’s risk.
